FIRE OR OTHER CASUALTY LOSS. (a) In the event all or any portion of the Leased Property is damaged or destroyed by fire or other casualty (herein collectively called "Casualty"), Lessee shall give immediate notice thereof to Lessor and the Noteholders and thereafter will promptly deliver to Lessor and the Noteholders all correspondence and documents provided by or delivered to Lessee in connection therewith. Lessee will promptly and diligently prosecute the adjustments of all claims with respect to a Casualty provided that (i) no adjustment or settlement in excess of $100,000 in connection with any Casualty may be made by Lessee without the prior written approval of Lessor and (ii) Lessor may, at any time any Event of Default has occurred and is continuing, adjust and settle the Casualty after notice to Lessee.
(b) If during the Term of this Lease the Leased Property is substantially damaged or destroyed by a Casualty so that the Leased Property will, in the good faith judgment of Lessee's Board of Directors, be uneconomic for restoration or rebuilding for Lessee's continued use thereof by Lessee as a warehouse, office and fabrication facility, then at Lessee's option, in lieu of rebuilding, replacing or repairing the Leased Property, Lessee will, within forty-five (45) days after the occurrence of such Casualty, deliver a Purchase Offer (as hereinafter defined) with respect to the Leased Property, at a purchase price therefor determined in accordance with Schedule I, specifying a Termination Date (as hereinafter defined) occurring on any Rent Payment Date not less than sixty (60) days nor more than one hundred twenty (120) days after the delivery of such Purchase Offer. Such Purchase Offer will be accompanied by Lessee's Certificate (as hereinafter defined) stating that in the judgment of the Board of Directors (or an authorized committee thereof) of Lessee, the Leased Property is unsuitable for Lessee's continued use and occupancy as a warehouse office and fabrication facility by reason of such Casualty. If the conditions set forth in the first sentence of this subsection (b) are fulfilled and Lessee fails to commence to rebuild, replace or repair the Leased Property within sixty (60) days of the occurrence of such Casualty, and Lessee fails to deliver a Purchase Offer within the forty-five (45) day period described above, Lessee will be conclusively deemed to have made such Purchase Offer and, in the absence of a written Purchase Offer by Lessee, the Termination Date will be deemed...
FIRE OR OTHER CASUALTY LOSS. If all or any part of the Wellness Center is damaged or destroyed by fire or other casualty, District shall repair and rebuild the structure with reasonable diligence. All insurance proceeds received by the District pursuant to the provisions of this Agreement shall be payable to District and shall be held in trust and applied by District to the payment of such restoration, as such restoration progresses.
FIRE OR OTHER CASUALTY LOSS. In case of damage by fire or other casualty to the building in which the leased premises is located, if the damage is so extensive as to amount practically to the total destruction of the leased premises or of such building, this Lease shall cease. In all other cases where the leased premises is damaged by fire or other casualty without the fault of Tenant, Landlord shall repair the damage with reasonable dispatch, and if the damage has rendered the leased premises untenantable, in whole or in part, there shall be an apportionment of the rent until the damage has been repaired. In determining what constitutes reasonable dispatch, consideration shall be given in delays caused by strikes, adjustment of insurance, and other causes beyond Landlord's control.
FIRE OR OTHER CASUALTY LOSS. If all or any part of the YMCA Building is damaged or destroyed by fire or other casualty, the YMCA shall repair and rebuild the structure with reasonable diligence. All insurance proceeds received by the YMCA shall be applied by the YMCA to the payment of such restoration, as such restoration progresses. The YMCA shall pay any deductible for each and all insurance claims related to the YMCA Building. To the extent that the insurance proceeds are not sufficient to restore or repair the YMCA Building to the condition that it was prior to such damage, the YMCA and District 625 will be obligated to fund the shortfall in accordance with the YMCA Pro Rata Share and the District 625 Pro Rata Share. Any excess insurance proceeds remaining after the restoration of the YMCA Building shall be retained by the YMCA and District 625 in accordance with the YMCA Pro Rata Share and the District 625 Pro Rata Share.
FIRE OR OTHER CASUALTY LOSS. If the leased property should become partially damaged by fire or other casualty during the base term of this Lease or any renewal thereof, Landlord shall repair the same at his own expense with reasonable dispatch, and if as a result thereof the premises hereby leased shall be partially unsuitable or unfit for Tenant's purpose or use, then and in such event, the rent herein reserved shall be reduced in proportion to the space not usable until such premises have been repaired and restored.
FIRE OR OTHER CASUALTY LOSS. In case of damage by fire or other casualty to the building in which the leased premises is located, if the damage is so extensive as to amount practically to the total destruction of the leased premises or of such building, this Lease shall cease, and the rent shall be apportioned to the time of the damage. In all other cases where the leased premises is damaged by fire or other casualty without the fault of Tenant, Landlord shall repair the damage with reasonable dispatch, and if the damage has rendered the leased premises untenantable, in whole or in part, there shall be an apportionment of the rent until the damage has been repaired. In determining what constitutes reasonable dispatch, consideration shall be given in delays caused by strikes, adjustment of insurance, and other causes beyond Landlord's control.
FIRE OR OTHER CASUALTY LOSS. In the event of damage to or destruction at the Licensed Area by fire or other casualty which is not so extensive as to prevent restoration within ninety (90) days, Licensor, at its sole cost and expense, shall commence restoration of the Licensed Area within thirty (30) days after Licensee provides notice in writing to Lessor of such casualty. Unless otherwise agreed to in writing between the Parties, the restoration shall proceed diligently and be completed no more than ninety (90) days after the date the work began, and Licensor shall restore the Licensed Area to as good a condition as they were immediately prior to such casualty. If the Licensee reasonably determines that the damage has rendered the Licensed Area untenantable and unusable, in whole or in part, there shall be a just and proportionate part of the License Fee abated until the Licensed Area has been fully repaired and restored. If the Licensed Area is damaged so extensively that it cannot, in the Licensee's reasonable opinion, be restored within ninety (90) days after commencement of such repairs, Licensee may, at its option, by written notice to Licensor, terminate this Agreement prospectively effective as of the date of the casualty to the Licensed Area.
FIRE OR OTHER CASUALTY LOSS. See paragraph 9.
FIRE OR OTHER CASUALTY LOSS. (a) In case of damage by fire or other casualty to the building in which the Leased Premises is located, if the damage is so extensive as to require substantial reconstruction of such building, this Lease shall cease at either party's option and the rent shall be apportioned as of the time of damage. Substantial reconstruction shall mean damage so extensive that the cost of restoration shall be fifty percent (50%) of the entire cost of the demolition of the damaged building and the erection of a new building of the same size and design shall exceed fifty percent (50%) of the replacement cost of the building immediately prior to such damage.
(b) In all other cases of damages by fire or other casualty to the Leased Premises or the building of which it is a part, the Landlord shall repair (using proceeds of insurance claim) the damage with reasonable dispatch, and if the damage has rendered the Leased Premises untenantable, in whole or in part, there shall be an apportionment of the rent until the damage has been repaired. In determining what constitutes reasonable dispatch, consideration shall be given to delays caused by strikes, governmental approvals, adjustment of insurance claims and other causes beyond the Landlord's control.
(c) If the restoration is not completed within six (6) months after the occurrence of the fire or other casualty, Tenant shall have the right to terminate this Lease, without penalty therefor, by forthwith giving written notice thereof to Landlord.
FIRE OR OTHER CASUALTY LOSS. (a) In case of fire or other casualty to the building in which the leased property is located, if the damage is so extensive as to amount to total destruction of more than fifty percent (50%) of the leased property or of such building, as determined by a source independent of Lessor or Lessee, this Lease shall cease, and the rent shall be apportioned to the time of the damage. In all other cases where the leased property is damaged by fire or other casualty, the Lessor shall repair the damage with reasonable dispatch, and if the damage has rendered the leased property untenantable, both in whole or in part, there shall be an apportionment of the basic rent until the damage has been repaired. In determining what constitutes reasonable dispatch, consideration shall be given to delays caused by strikes, adjustment of insurance, and other causes beyond the Lessor's control. In the event that said damage cannot be repaired within ninety (90) days after the casualty event, then this Lease at the option of Lessee shall cease and the rent be apportioned to the time of the damage. The Lessee shall have the right to terminate this Lease if the repairs are not completed within ninety (90) days after the casualty event.
